Loss on life insurance policy investment
This query is : Resolved
18 March 2014
What is the accounting as well as income tax treatment of long term loss & profit on life insurance policy and mutual fund investment in case of proprietarship business?
18 March 2014
life insurance amount received on surrender or recd. on maturity, no loss or profit consider under income tax.
other hand on mutul fund investment can be taxable according to time of investment . long term can be consider if investment is more than 12 month.
other hand on mutul fund investment can be taxable according to time of investment . long term can be consider if investment is more than 12 month.
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